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Equilibrium in Production Economies with Nontransitive and Satiable Preferences

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  • Guangsug Hahn

    (Postech)

Abstract

It is shown that an equilibrium exists in a production economy when preferences are allowed to be nontransitive and satiated. In addition to the standard assumptions, a new condition is introduced to handle satiation. The conventional excess demand approach is modified to take into account the effect of satiation on equilibrium.

Suggested Citation

  • Guangsug Hahn, 2007. "Equilibrium in Production Economies with Nontransitive and Satiable Preferences," Korean Economic Review, Korean Economic Association, vol. 23, pages 415-431.
    • Handle: RePEc:kea:keappr:ker-200712-23-2-08
    as

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    References listed on IDEAS

    as
    1. Gale, D. & Mas-Colell, A., 1975. "An equilibrium existence theorem for a general model without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 9-15, March.
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    6. Polemarchakis, H. M. & Siconolfi, P., 1993. "Competitive equilibria without free disposal or nonsatiation," Journal of Mathematical Economics, Elsevier, vol. 22(1), pages 85-99.
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    More about this item

    Keywords

    Nontransitive Preferences; Satiation; Production Economies; Competitive Equilibrium;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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